Credit card debts...help please !!

janet_oggy

We have £3,800 of debt on 2 credit cards (Adams Mastercard at 24.9%, and Bhs storecard at ??%), and are looking to pay it off asap. Our savings are negligible, but we are hoping to pay off about £1000 by Christmas, and the remainder will have to go on another card with hopefully 0% interest, to be paid off as and when. Our surplus cash remaining at the end of each month is negligible.
What are our best options ??

Jesthar

Hello, Janet, and welcome to the forum!

Firstly, don't panic! There are plenty of people around here who will have good advice for you if you can give us some more detailed information.

To do this, can you please post up a statement of affairs (SOA) by going to http://www.makesenseofcards.com/soacalc.html and filling in the form, then using the 'format for MSE button' at the bottom to generate a copy to paste into a post here? Once you have done that, people will be able to suggest where you can make some savings.

And finally, congratulations on deciding to tackle this head on!

~Jes

SunderlandBlackCat

As Jesthar said use the SOA calculator to enter all your income & outgoings.

That will produce a statement which shows you exactly where you stand & if you post it on here there are lots of people who will be able to show you where there alre likely to be savings to be made to free up more money for hitting your debts with.

Once you know where you stand you can put the card balances/APR's etc onto another calculator at www.whatsthecost.com/snowball.aspx & that will show you how to bast split the payments between the cards to get them paid off as quickly as possible & with the least amount of interest paid.

janet_oggy

Thanks for the above replies....however, to move things on, we were thinking of applying for one of the free balance transfer credit cards as recommended by martin, but I only earn about £5k per year, and this is not enough to apply for either the barclays card or the HSBC one. Can my husband get one and transfer my outstanding debts on to his card ??

Happytogetdebtfree

i dont know the wise bet would be egg you can transfer to a current account so hubby could get an egg transfer current account and then pay your credit card i think it has to be a family name or something im not so clear :d good luck with the journey xx

SunderlandBlackCat

If you go to http://www.moneysupermarket.com/cards/credit_card.asp & select the smart search option.

Fill in your details & it will show you the cards most likely to accept someone with your profile.

Mozette

janet_oggy wrote: »

Can my husband get one and transfer my outstanding debts on to his card ??

Certainly if your husband can get a card he can transfer your card debts onto it; no problem at all.